Euro vs. Invasion of the Zombie Banks

Tyler Cowen, New York Times
IS a euro held in an Irish bank in Dublin, or in a Portuguese bank in Lisbon, as sound and secure as a euro in a German bank in Berlin? That apparently simple question holds the key to understanding why the euro zone may splinter and bring a new financial crisis. In Ireland, there has been a “silent bank run” on financial institutions for much of the last year. In February, for instance, Irish private sector deposits dropped at an annual rate of 9.8 percent. That’s largely because some depositors doubt the commitment of the Irish government to the euro....

Source: http://www.realclearpolitics.com/2011/04/17/euro_vs_invasion_of_the_zombie_banks_253938.html

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